Financing a new home can be overwhelming, especially when your bank begins throwing around new and menacing terms like force placed insurance. While this type of coverage may sound intimidating, it can provide a measure of extra security for both homeowners and lenders.
What is Force-Placed Insurance?
Force-placed insurance is a form of mortage insurance put in place by banks and other lenders to protect a property that is not covered by the borrower’s own insurance. This ensures that the lender recieves back the full amount of the loan, even if the property is destroyed or devalued. While primarily intended to prevent risk to the lender, certain types of force-placed insurance also protect the homeowner in case of a fire or other disaster.
When Is It Needed?
Generally, force-placed insurance comes into play when the borrower’s own mortage insurance has a lapse in coverage. This could occur due to missed insurance payments or the expiration of a policy, but is sometimes out of the borrower’s control. Some properties in high-risk natural disaster areas can only be insured by force-placed insurance because conventional insurance agencies refuse to cover them. I
Force-placed insurance adds an extra layer of security to the financing process. It ensures that the financial interests of all parties are protected, even if the homeowner is unable to provide mortage insurance.
https://www.thebethesdalife.com/types-commercial-insurance-policies/Many people are familiar with peer to peer lodging rentals and with ride-sharing services, but not as many realize there are similar platforms for peer to peer boat rental. The use of personal watercraft for passive income is rising, though, and many boat owners’ insurance policies do not cover damage or liability when boats are used for private person to person rentals. Personal watercraft policies tend to exclude rental coverage like that even when they cover liability and damage in cases where you lend the boat to a friend or family member.
Details About P2P Rental Coverage
Basic coverage for P2P rentals is designed to augment your personal watercraft insurance. It plugs the gaps caused by standard exclusions on many personal policies. The three most common coverage provisions are:
- Hull coverage to protect against damage or loss while it is rented out
- General liability coverage with premises insurance to protect against injuries to boaters as they enter or leave your property
- Watercraft coverage against damage or liability when a client has possession of the boat
Costs for coverage depend on your vessel class, features, and the frequency with which you make it available to others. To learn more about what peer to peer boat rental coverage for your watercraft will cost, you need to contact a leader in marine insurance coverage for an in-depth quote.
If your lifelong dream of starting an engineering firm is finally starting to come to fruition, you may be wondering what you need to know about this type of business venture. Opening your own firm requires both logistical and financial know-how, so be sure to keep this top advice in mind as you begin the startup process.
Find Your Niche and Search for Appropriate Financial Backing
As you start your business plans, make sure to pin down your desired niche and then search for financial backing. To do this, you should:
- Identify an in-demand engineering niche your expertise could fit into
- Consider applying for bank loans to get your company started
- Network to find potential business partners and/or financial investors and backers
Consider Securing Your Business With the Right Insurance
Another critical consideration in opening an engineering firm is locating and securing the appropriate insurance coverage. Engineering firms may face a number of legal risks, so make sure you purchase as much insurance as is necessary. Some top types of insurance many firms choose to get include:
- General liability coverage
- Commercial property insurance
- Workers’ compensation
- Insurance for theft, burglary or natural disasters
As you begin the process of starting an engineering firm, it’s important to get financial, legal and logistical questions squared away as soon as possible. You can use this top advice to help guide you through the startup process successfully.
Living on the water is a dream come true for many people, but insuring a coastal home can be a major impediment. Coastal home insurance is tricky to navigate, and many insurance professionals aren’t familiar enough with its complexities to provide adequate counsel. Familiarizing yourself with some of the basics of coastal insurance, however, can help you determine if this special coverage is right for you.
1. Do I Need It?
The need for coastal home insurance is determined by your home’s proximity to the shore. Although there is no uniform rule, most insurance companies suggest or require coastal coverage if your home is within three miles of the coast.
2. What Makes It Different From Home Insurance?
Coastal insurance usually includes specific policies for damage caused by named storms, hurricanes, or strong winds. These policies apply only if you meet the distance requirements for coastal insurance. Otherwise, your home insurance policy should cover the costs of any storm-related damage.
3. Is Flood Insurance Still Necessary?
Unfortunately, you need a separate policy for flood insurance, as it is not included in either traditional or coastal home insurance. It is not required, however, unless you live in a flood zone.
With proper coastal home insurance, you can enjoy the perks of coastal living without fear of financial ruin. Speak with a coastal insurance specialist if you think your home applies for this essential coverage.
If it’s been a while since your business revamped its employee benefit package, you may be wondering what to include in the package’s next iteration. Before you finalize your plans, make sure to take these top perks and insurance types into consideration for inclusion in the package.
Consider Providing Employer-Sponsored Insurance Plans
One of the most important benefits you can provide your employees is employer-sponsored insurance. If you don’t already include some sort of insurance plan as part of your standard benefits package, you may want to add in some of the most commonly sought-after insurance types to help draw in top talent.
- Life insurance
- Health insurance
- Vision and dental insurance
Include a Range of Popular Modern Perks To Sweeten the Deal
Beyond the basics, your company may want to include a number of other modern perks to help sweeten the deal for current and would-be employees. For example, many employees enjoy receiving extra paid time off. Some additional benefits you could add in include:
- Gym memberships or discounts
- Unlimited sick leave or paid time off
- Office snacks and other refreshments
- Regular company retreats
If your company is in the process of putting together an upcoming employee benefit package, make sure to include both critical insurance and some popular perks. This checklist can help make the process as simple as possible.
Having an attractive insurance company website is important, but having an effective and usable site is arguably even more critical. With that said, how is yours performing?
If you do not know the answer to this question, then there is a possibility that your marketing efforts are in trouble. However, it is never too late to begin an insurance website performance evaluation. To start, you need to develop some key performance indicators that will help you measure.
Monitor Revenue-Based KPIs
Without a doubt, your revenue-based KPIs are going to be some of the most meaningful. To gather a decent understanding of how your site’s ads and other website finances are going, take look at the Cost Per Acquisition, Customer Lifetime Value and Marketing Channel Return on Investment data.
Keep Track of Social KPIs, Too
Revenue is undoubtedly important, but it is not everything. You learn about engagement by closely following the Engagement Rate, Brand Mentions and Monthly Audience Growth rate. If any of these numbers are lower than you were hoping for, try not to let it get you down. Instead, see it as a learning opportunity.
By regularly monitoring your insurance website’s KPIs, you can ensure that you are delivering what your customers are looking for. At the end of the day, that is what will make or break the success of any company.
If you manage or operate a staffing agency, you know the value of being able to access various resources that help to keep things running smoothly. There are so many things to consider when recruiting talent or filling an available position, and utilizing available resources can help you to do so with more confidence.
Know What’s Available
Staffing agency resources can help you with things like finding a background screening company for applicants, establishing employee benefits and EAP programs, and staying on top of industry best practices. They can also give you a better idea of what the top staffing agencies are doing – such as what kind of programs they’re initiating and how they are maintaining company recruits.
It’s important for staffing managers to have a good grasp of all programs that are available for this very particular niche in the industry. The more resources you have, the better you will be able to find qualified recruits and to satisfy employer needs for competent, talented workers. In short, having access to a comprehensive list of staffing agency resources will help you to do your job better and with more success!
Staying abreast of changes within the staffing industry allows you to have a thorough understanding of how to best run your staffing business.
When workers are injured on the job, they suffer physical harm, while at the same time their employer suffers an economic one. A claim against an employer’s workers comp coverage in California can raise the employer’s rates for three years or more. By far the best option for both parties is to avoid the injury in the first place.
Make Safe Workplace Practice the New Normal
The best way to avoid workplace injuries is by creating a culture of safety, where a safe, healthy work environment is treated as one of the business’s essential outputs.
- Start at the top with the management team. Supervisors need to go beyond lip service and set an example through everyday action.
- Focus on executing, and rewarding, safe practices, not just punishing bad ones.
- Clearly identify the right (safe) way to do every task and periodically check that people are following through.
- Set incremental goals for the organization. The ultimate goal is zero claims, but you might have to start with something smaller but still tangible, like identifying and improving a risky area of operation.
- Make smart use of technology wherever possible, so you can track behavior and outcomes as closely as possible.
No one wants a workplace injury. By combining a robust body of safety data with new technology and proven management techniques, you can exert more control over whether they happen and avoid more workers’ comp claims.
If your business performs work or manufactures products that are then sold for use, chances are you could use indirect liability coverage. Also called third-party liability sometimes, this contingent liability insurance policy is designed to protect you from liability exposure when a third party faces losses due to issues like design flaws or substandard workmanship. This coverage can be quite important in the event of an incident like a manufacturing recall, and understanding your exposure starts when you open dialogue with an insurer who really understands contingent coverage.
Contingent Liability vs. General Liability
Many general liability policies carry some contingent coverage, but relying strictly on the coverage in a general policy can be costly. Some business models have no need for extended contingent coverage, but the ones who need it can not afford to go without. General liability policies have limits for each type of liability covered as well as the overall policy, so it is possible to overextend yourself paying for policy maximums that truly protect you in each area. It’s a lot more cost effective to shop for a median coverage option in the general policy, then extend the coverage needed in each area with products like contingent liability insurance. Most businesses only need to extend liability protection in limited directions with this approach, maximizing the cost efficiency of both policies purchased.
Every business must assess its current level of exposure for premises liability claims and implement an effective risk management plan. It is imperative that they procure comprehensive premises liability insurance. This vital coverage can address claims by individuals who sustain bodily injuries while they are present at a business’ property.
Duty of Care
The foundation of the legal concept of premises liability is rooted in the concept of a duty of care. All property owners have a duty to maintain their properties in a way that prevents hazards which could cause injury. This duty is particularly important for businesses who open their doors to the general public.
Even businesses that do not accommodate customers onsite could potentially face a claim for premises liability. Employees, guests, or vendors could suffer an injury while onsite at a business. In essence, most businesses will likely need coverage for premises liability.
Examples of Breaches of the Duty of Care
Examples of oversights in maintenance may include failure to keep an area free of trip hazards or not remedying loose railings. If a company knows of these types of conditions or should have known of them, their inaction can result in a legal claim.
Businesses’ commercial insurance packages should include a policy that covers premises liability. This coverage can protect a business against serious liability.